I need to know how to solve this. The correct answer is already shown but I need the detailed steps on how to solve this problem.

As the current CFO, you are responsible for presenting the dividend policy decisions to the Board of Directors at fiscal year end. You are preparing to present Assuming the following information, use the dividend discount model to predict the share price under the new proposal. The required rate of investors is assumed to be unchanged by the proposal. The rates given are annual and the dividends are paid once per year, just before the annual meeting. Current Dividend =$14 Current RRoR =17% Current Growth =6% Proposal Dividend increase =$5 Growth decrease =1.7% (absolute value) What is the dollar change in share price? Answer in the conventional \$X.XX format and express negative numbers with a "-" after the units (e.g. \$-21). Do NOT use commas in your answer. Selected Answer: [None Given] Correct Answer: 21.13($)